Accounting for Farming Operations
Presenters : Caryn Maitland CA(SA)
Overview
The transformation of farm animals and plants into assets for sale, or into additional biological assets is quite different from other "manufacturing" methods because of the living nature of these assets.
It is then no surprise that accounting for farming operations is different from accounting for business activities involving non-living assets. The aim of this webinar is to discuss accounting for agricultural activities according to the specific requirements of IAS 41 Agriculture and the implications on IFRS for SMEs.
Learning objectives
By attending this webinar you will gain the following competencies:
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Understand and have an appreciation for the peculiarities of accounting for agricultural operations.
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Know the requirements of the financial reporting standard for farming; IAS 41 - Agriculture.
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Be able to correctly measure, recognise and disclose agricultural assets in the financial statements.
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Understand the implications of agricultural account on IFRS for SMEs.
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Be able to correctly calculate deferred tax for agricultural activities.
Content
The webinar will cover the following topics:
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Overview of IAS 41 - Agriculture.
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Application of IAS 41 - Agriculture.
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How to recognise and measure biological assets.
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Accounting for intangible assets related to farming.
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Government grants in agriculture.
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Agriculture: Bearer plants (Amendments to IAS 16 and IAS 41)
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Taxation of income from agricultural activity - an overview.
